Summary
TLDR: MATIC’s active addresses are increasing, showing a correlation with price growth. However, a plateau in active addresses may lead to price stabilization or a correction. The correlation with Ethereum is strong, suggesting potential for MATIC to reach $1.24. If support levels hold, price could rise, but breaking support could lead to a bearish trend.
Key Points
1. Active MATIC addresses have grown by almost 60% in the last 30 days, with a strong correlation between growth in active addresses and price, potentially signaling a bullish trajectory for the cryptocurrency.
2. The correlation between MATIC and Ethereum has intensified, with a correlation coefficient exceeding 0.8 and the potential for MATIC to reach a price target of $1.24, supported by the current upward momentum of Ethereum.
3. Analyzing the IOMAP chart for MATIC shows significant support at lower price levels, with a large concentration of buyers at $1.10. Breaking above the $1.17 resistance could indicate a strong bullish signal, leading to further upward movement towards resistance levels around $1.21 and potentially $1.24 or higher.